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PHK is not safe.  It is trading way above NAV and the dividend is unsustainable.

Do you understand the inverse correlation between bond prices and interest rates?  Why would it be any different for bond funds?

I'll take 11.5% on a dividend way over NAV over >3% on a treasury any day of the week.  

How is the dividend unsustainable  Look at the payout history...incredibly reliable.

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